Political maneuvering to short-circuit the Financial Accounting Standards Board's plan for stock option expensing could derail efforts to create a convergence of international accounting standards, European professional leaders warned Congress.

Testifying before the Senate Banking Committee, International Accounting Standards Board Chairman Sir David Tweedie said that a convergence of the standards developed by his group and FASB's generally accepted accounting principles would be a development of "immense significance" for improving financial reporting throughout the world.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access